Värde Partners Supplies $185M Refi on National Self-Storage Portfolio


A joint venture between Metro Self Storage and Fremont Realty Capital has secured a $185 million loan to refinance a 20-property self-storage portfolio. 

Värde Partners provided the floating-rate bridge loan on the sponsorship’s self-storage facilities, which encompass 14,215 units across six states, the lender announced Monday. The deal included a three-year initial term with two one-year extension options.

SEE ALSO: Arbor Realty Trust Facing Legal Probe Into Lending Practices, Disclosures

Talonvest Capital arranged the transaction with a team led by Eric Snyder, Tom Sherlock, Kim BishopMason Brusseau and Lauren Maehler.

The 20 self-storage properties in the portfolio are located in Illinois, New Jersey, Pennsylvania, Minnesota, New York and Wisconsin. The facilities total more than 1.55 million of net rentable square feet.

“Värde welcomed the opportunity to partner with deeply experienced, institutional companies in the self-storage industry as a trusted provider of capital,” Jon Miller, a managing director at Värde, said in a statement. “This significant transaction underscores the strength and continued growth of our platform and the range of compelling opportunities to lend in sectors with strong fundamentals.” 

Minneapolis-based Värde has originated more than $7 billion in commercial real estate loans since the creation of its lending platform in 2017. It has been active on the self-storage front in recent years, including closing a $44.8 million refinance for three assets owned by Miami City Self Storage in South Florida just before the onset of the COVID-19 pandemic in 2020.

Metro Storage and Fremont Realty Capital did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com